Press Room: Tax Release

June 12, 2013

2013 Iowa Unclaimed Property Tax Amnesty Program

Iowa is offering a limited time amnesty program that allows holders of unclaimed property to report late property without interest or penalties. Under this reporting amnesty, any business or other entity not already in compliance with statutory regulations will not be assessed late reporting interest and penalties on past-due property that is reported and remitted this year.

Below are the highlights of the proposed Iowa Amnesty Program:

  • The enrollment period ends November 1, 2013.
  • The amnesty would cover unclaimed property reporting and remittance.
  • In exchange for participation, all interest and penalties will be waived.

To qualify for amnesty taxpayers must complete these steps before November 1, 2013:

  • Submit a petition for late reporting amnesty. The holder will receive notification of the status of the petition via email to the address listed on the application.
  • Regardless of the status of the petition, the report and remittance of past-due property must be received by the treasurer no later than November 1, 2013.

WTAS professionals can assist Iowa taxpayers in many ways during the amnesty period including, but not limited to, preparing the relevant amnesty applications, quantifying exposures, preparing tax returns and in some cases, attempting to settle issues directly with the Iowa Department of Revenue.